Jacksonville University and Lake Erie College of Osteopathic Medicine (LECOM) are joining up to build a $50 million medical school. The Jacksonville Business Journal reports the school, which will go up at 3412 N. University Blvd will be called LECOM Jacksonville at Dolphin Reef and will be what is described as a medical building with classrooms. It will be 50,000 square feet and is expected to accommodate 75 students when it opens in 2026, eventually housing 150

LECOM is the nation’s largest osteopathic academic health system.

The medical school will be built adjacent to the Health Sciences Complex, creating what JU is calling the Jacksonville University Medical Mall, an expanding mixed-use health care plaza established at the north end of the university’s Arlington.

The medical school will increase JU’s downtown presence for higher learning, joining the school’s law school.

CH Realty Partners secured a $50 million loan to refinance its 150,000-square-foot industrial facility in the Greenville-Spartanburg market. The facility, located at 260 Midway Dr. Union, South Carolina, was a build-to-suit designed for bio-tech company MycoWorks. The refinancing with 3650 Capital will enable MycoWorks to expand its production capacity. 

The facility is a hub for MycoWorks, known for using mycelium, a mushroom-based material used to create leather alternatives. The firm’s proprietary Fine Mycelium platform has enabled a new class of materials that are the next evolution in mycelium.

Built in 2023, the facility’s design and location on 25 acres are tailored to MycoWorks’ unique manufacturing needs. The plant utilizes robotics, digital analytics, and artificial intelligence to automate 80% of its production process, providing high-quality material at a scalable level.

The facility provides over 350 jobs in the City of Union. 

Koury Corp. has broken ground on The Lindley, a 213-unit apartment complex planned for the intersection of Holden Road and Market Street in Greensboro. The fully enclosed, gated community is expected to cost just over $50 million to build and be completed in the fall of 2025.

The Lindley will include one-bedroom, two-bedroom and three-bedroom units. Most of the community will be four stories, with one five-story section.

The Triad Business Journal reports the complex will include various amenities, including a pool with cabanas, outdoor grills, a bike storage and repair area, a car wash and a detailing area. In addition, the community will have an indoor bar and kitchen area with billiards and a golf simulator.

The apartments will also have a fitness center with a rock climbing wall, yoga studio and personal training stations. The personal training stations will include a television that provides online workouts.

TruAmerica Multifamily acquired Westmont Commons, a 252-unit multifamily community in Asheville, NC. The asset was purchased off-market for $49,875,000 in partnership with Spoke Real Estate Capital. The seller was undisclosed.

TruAmerica Multifamily’s Bob Hart added, “We expect to deliver an upgraded community to the market to meet demand for workforce housing that will be achieved via renovations, professional property management and operational efficiencies.”

TruAmerica plans to execute a value-add asset improvement campaign to reposition the property, which was built in two phases in 2003 and 2008. All 252 homes and the exterior are slated to be upgraded.

The property has a community clubhouse with kitchen and game room, outdoor pool with sundeck, off-leash dog park, 24/7 fitness center, picnic area with outdoor grill and offers views of the Blue Ridge Mountains.

Greystone, a leading multifamily lender, provided a Freddie Mac Optigo® loan to finance the acquisition, which Rob Russell and Richard Kourbage originated.

BHI has provided $50 million to The Kolter Group LLC as part of an overall $133 million credit facility secured to finance their 144-unit luxury condominium project “The Dillon” in the Buckhead neighborhood of Atlanta. BHI is acting as administrative agent for the credit facility. 

The project, located at 2395 Peachtree Street NE Atlanta will be an 18-story glass tower comprised of 301,296 sellable square feet and is expected to be completed by January 2025. Atlanta-based Integra Construction Inc. is the general contractor for the project.

The Dillon will contain an overall unit mix comprised of one-, two-, and three-bedroom units ranging in size from 1,470 square feet to 3,754 square feet. 

Condominium amenities will include expansive terraces with glass balcony railing. The project amenities will include an amenity deck featuring a pool and separate spa, poolside cabanas, golf simulators, an event lawn and a pickleball court.

Jacksonville issued a building permit to Industrial Building Group to construct a 275,000-square-foot cold storage warehouse, a popular industrial sector in the area. At least five refrigeration and cold-storage projects are in development, primarily in North Jacksonville

The FreezePak facility is expected to cost just under $50 million ($48.8 million) to build. The project comprises 212,000 square feet of freezer space, a 43,680-square-foot loading dock, a 9,728-square-foot office and utility and mechanical space.

The development began construction in August 2023, and completion is scheduled for October 2024.

FreezPak Logistics says it is a leading third-party food logistics company. The company said it will offer blast freezing, cross-docking, transportation, repacking and other services at the facility. 

The Jacksonville Daily Record reports FreezPak told the city its cold-storage and distribution facility would have at least 80 employees by year-end 2027. FreezePak is up for a grant from the city if they spend at least $95 million and hire the employees by the end of 2027.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

Private equity real estate investment firm Eller Capital Partners has announced the launch of a new multifamily acquisitions fund focused on major metropolitan areas in the Southeast.

Eller has set a target of $50 million for a new fund and will execute a dual investment strategy that serves the firm’s institutional and private wealth partners. The fund has already acquired four multifamily communities across North and South Carolina that include Alta Surf, a 216-unit community in Myrtle Beach; Northcliffe Forest, a 288-unit community in Winston-Salem; West End Flats, a 188-unit community in Carrboro and Midtown 501, a 248-unit community in Chapel Hill.

“Current market conditions and shifting demographic patterns have spurred new demand for investment vehicles that can capitalize on the exceptional amount of growth and development occurring in the Southeast,” said Daniel Eller, founder and CEO at Eller Capital Partners. “Eller Capital’s prior track record in generating meaningful, risk-adjusted returns through our proven repositioning blueprint has earned the trust of our investment partners.”

*Pictured above is Daniel Eller

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